On Tuesday, November 1, 2019, international telecommunications giant Telefónica S.A. (TEF) announced its third quarter 2019 earnings results. At first glance, these results appear to be somewhat mixed as the headline numbers were in-line with analysts' expectations and the company managed to produce year-over-year revenue growth but it still reported a net loss for the quarter. A closer look at the earnings report though reveals that there were certainly some things to like here. Overall, the company appears to be taking the steps needed to strengthen its finances and especially its balance sheet.